In news out this morning; Zcash, Litecoin, and Bitcoin Cash will all be added to the Gemini exchange.
The news of additions to the Gemini exchange is not all that surprising, but it is surprising in who they decided to add.
Particularly that first coin mentioned, Zcash.
Zcash is heralded as a privacy focused coin.
Unlike bitcoin and ether, which are only partially anonymous, Zcash has the ability of going fully anon.
A few years ago that wouldn't be that big of a deal, but lately regulators have really been cracking down on anonymous coins, especially on the exchanges.
For a regulated exchange like Gemini to add Zcash at this point is very interesting to say the least.
For some context, exchanges in Japan, for example, are working on getting the anonymous coins removed from their regulated exchanges.
More about that can be found here:
Why would they choose to add Zcash among the current regulatory uncertainty?
That I cannot say for sure, but there are some clues below as to why they chose these specific coins.
(Source: https://en.wikipedia.org/wiki/Zcash)
Some specifics on the inclusions:
Zcash is expected to be officially added Saturday, May 19th at 9:30 am EDT while it is not yet clear when the other 2 coins will officially be added.
You may be wondering why they chose these 3 coins...
The 3 coins being added by Gemini are all derived from bitcoin. The Winklevoss's lovingly refer to these types of coins as coming from the "Nakamoto Family Tree."
I think that probably gives us the best clue as to why these coins were chosen. They are some of the least likely to be labeled as securities since they were derived from the same original open sourced code as bitcoin.
Bitcoin has already been stated by regulators to be the farthest away from being a security on the security/currency spectrum.
How is Zcash considered to be anonymous?
Zcash currently has two ways of operating when doing a transaction.
It can be used using shielded and unshielded addresses. The unshielded address transactions offer a lower level of anonymity and is much closer to what bitcoin and ether do.
Shielded address transactions provide the user complete anonymity.
Gemini says that at launch time Zcash will only have support for deposits from shielded and unshielded addresses, while withdrawals will only be available using unshielded addresses.
That makes a bit more sense.
Although they did state later on that they hope to have support for shielded address withdrawals at a later date.
I will believe that when I see it.
Oh and one more thing...
Consensus 2018 starts today and it seems to be having a nice effect on prices already:
(Source: https://coinmarketcap.com/)
This coming even though the St. Louis Fed Chief dashed a bit of cold water on the space.
Steem is one of the out-performers up around 5% on the day.
Stay informed my friends.
Image Source:
https://unhashed.com/exchange-review/gemini/
Follow me: @jrcornel
Go Zcash and Go Consensus! 🧐👍🧐
All the cryptos are really getting donkey-punched!
price keep mooning
This week is gonna be nice for Bitcoin and a bunch of alt-coins :-D! I just saw a headline that was like "Bitcoin climbs from three-week lows as Lambos take Manhattan"
Ha wow! That is just ridiculous, in a totally awesome way.
Well.. I do not see it as a bad idea
Thanks for sharing this is great news. I've smashed the upvote button for you! The more crypto projects mooning and hitting amazing heights, the more power overall crypto has!
Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
Wow nice post. Thanks bro.. I'm your fan
So that why zcash had such a big jump today
Yep, that would do it. We need to get steem added to an exchange like Gemini. The fact that it is only adding coins from the bitcoin family tree doesn't bode well for that happening any time soon though.
Wow i thought the day would never come where Gemini added new coins, i thought they where going to be eternally stuck with their current selection... they probably want to attract the traffic from the Japanese exchanges.
Yea, something like that I am sure. Though keep in mind they seem to only be adding coins related to bitcoin.
Well the bros are one of the biggest holders out there so they'll probably pretty bullish on it, just like coinbase with ethereum and their efforts to accept erc20 tokens.
True. Though I think it mostly has to do with the current regulatory uncertainty surrounding what is a security and what isn't. Bitcoin and all its cousins likely are not.
I also was not expecting ZCash to be listed that soon but as you have mentioned, it has the two address options and users have a choice. Secondly, I think ZCash is KYC compliant.
Even with the shielded address option?
I dont really understand the need of anonymous coins. What is it that people want to do that they want this much anonymity?
Bigger investors want to know that there is some level of privacy here. Would you want random strangers all over the world to know that you were buying a million dollars worth of crypto? Hell no, that would make you the target of thieves and hackers.
Bitcoin has same if not less traceability as fiat.
22.5% jump for zcash currently
That explains a lot
good post keep it up..
good post. Greetings.
I think it's a wise decision because anonymous coins are going to be highly valuable. Market forces are also going to influence the regulations.
Cash that we use is also anonymous whoever has it can use it so they have no control over it so y'all that tension over the anonymous cryptocurrencies.
Don't let the pump in ZCash price fool you, though. For long term prospects, one really needs to look at the teams behind each of the main privacy coins (ZCash, Monero, and Dash) and check out their product map and future updates and improvements to start to get a sense of which of the three will really come out on top. There's nothing stopping Gemini from listing Monero next month, for example.
That being said, all three are excellent projects in our opinion!
Hell yea! Get on the ZCASH Train! It's leaving and you're going to miss it. ZCASH is awesome! Why have the government and banks looking at what you do 24/7. Let's get some of our privacy back into our own hands. Snowden even approved of ZCASH.
Unshielded transactions when removing from exchanges - arguably the most crucial transaction of all to have privacy. ZenCash is the most respectable privacy coin in the market in my book.
Exciting times ahead!
HOT ICO FOR THIS SUMMER !!! YOU CAN JOIN PRIVATE SALE !!! GREAT DISCOUNTS ARE AVAILABLE !
https://steemit.com/bitcoin/@uripit/ncrypt-club-shares-ecosystem-hot-ico-for-this-summer